-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ItUOt3bRkcRQc5kDp6hlVCAyEvTEyHVPmeYnWRw0BHLeBzTErO6N3qzgVruUeseX YjOg4S2jCZXQNMDgfMgYSg== 0000950135-96-002864.txt : 19960701 0000950135-96-002864.hdr.sgml : 19960701 ACCESSION NUMBER: 0000950135-96-002864 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19951231 FILED AS OF DATE: 19960628 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NASHUA CORP CENTRAL INDEX KEY: 0000069680 STANDARD INDUSTRIAL CLASSIFICATION: CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670] IRS NUMBER: 020170100 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05492 FILM NUMBER: 96588513 BUSINESS ADDRESS: STREET 1: 44 FRANKLIN ST STREET 2: PO BOX 2002 CITY: NASHUA STATE: NH ZIP: 03061-2002 BUSINESS PHONE: 6038802323 MAIL ADDRESS: STREET 1: 44 FRANKLIN STREET STREET 2: P O BOX 2002 CITY: NASHUA STATE: NH ZIP: 03061-2002 11-K 1 NASHUA CORPORATION FORM 11-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 11-K FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE SAVINGS AND SIMILAR PLANS PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Mark One) (X) ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (FEE REQUIRED) For the fiscal year ended December 31, 1995. ------------------------------------------- OR ( ) TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934(NO FEE REQUIRED) For the transition period from ________ to ________. Commission File Number 1-5492-1 -------- A. Full title of the plan and the address of the plan, if different from that of the issuer named below: Nashua Corporation Savings Plan for Specified Hourly Employees B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Nashua Corporation 44 Franklin Street Nashua, New Hampshire 03060 2 NASHUA CORPORATION - ------------------ SAVINGS PLAN FOR SPECIFIED - -------------------------- HOURLY EMPLOYEES - ---------------- FINANCIAL STATEMENTS - -------------------- DECEMBER 31, 1995 AND 1994 - -------------------------- 3 NASHUA CORPORATION ------------------ SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES ------------------------------------------- INDEX TO FINANCIAL STATEMENTS ----------------------------- PAGES ----- Financial Statements: Report of Independent Accountants 1-2 Statement of Net Assets Available for Plan Benefits (With Fund Information) as of December 31, 1995 and 1994 3-4 Statement of Changes in Net Assets Available for Plan Benefits (With Fund Information) for the Years Ended December 31, 1995 and 1994 5-6 Notes to Financial Statements 7-11 Supplementary Information: * * Schedules required by Section 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable. 4 160 Federal Street Telephone 617 439-4390 Boston, MA 02110 Price Waterhouse LLP REPORT OF INDEPENDENT ACCOUNTANTS June 25, 1996 To the Participants and Administrator of the Nashua Corporation Savings Plan for Specified Hourly Employees In our opinion, the accompanying statements of net assets available for plan benefits, and the related statements of changes in net assets available for plan benefits present fairly, in all material respects, the net assets available for plan benefits of the Nashua Corporation Savings Plan for Specified Hourly Employees (the "Plan") at December 31, 1995 and 1994, and the changes in net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Plan's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above. As discussed in Note 6 to the financial statements, in connection with the sale on May 25, 1994 of Nashua Corporation's Santa Clara facility, a portion of the Plan's net assets were transferred into a plan established by the buyer. -1- 5 To the Participants and Administrator of the Nashua Corporation Savings Plan for Specified Hourly Employees Page 2 June 25, 1996 Our audits were performed for the purpose of forming an opinion on the basic financial statements taken as a whole. The Fund Information in the statements of net assets available for plan benefits and the statements of changes in net assets available for the plan benefits is presented for purposes of additional analysis rather than to present the net assets available for plan benefits and changes in net assets available for plan benefits of each fund. The Fund Information has been subjected to the auditing procedures applied in the audits of the basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole. /s/ Price Waterhouse LLP - ------------------------ -2- 6 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) DECEMBER 31, 1995
Guaranteed Nashua Investment Common Equity- Growth Asset Contract Stock Puritan Magellan Income Company Manager Fund Fund Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- ---- ---- Assets: Guaranteed Investment Contracts, at Contract Value $33,257 $ - $ - $ - $ - $ - $- Investments at Fair Value: Nashua Common Stock Fund - 9,168 - - - - - Mutual Funds - - 11,505 29,307 4,057 13,860 - Collective Investment Fund 40,962 - - - - - - Cash 2,130 - - - - - - Employee Contributions Receivable 292 - 66 227 53 14 - Employer Contributions Receivable 113 - 25 88 20 5 - Participant Loans Receivable, at Fair Value - - - - - - - ---------------------------------------------------------------------------------------- Net Assets Available for Plan Benefits $76,754 $9,168 $11,596 $29,622 $4,130 $13,879 $- ========================================================================================
Pacific Intermediate Gov't Money Europe Basin Bond Market Loan Fund Fund Fund Fund Fund Total ---- ---- ---- ---- ---- ----- Assets: Guaranteed Investment Contracts, at Contract Value $ - $ - $- $ - $ - $ 33,257 Investments at Fair Value: Nashua Common Stock Fund - - - - - 9,168 Mutual Funds 12 165 - 1,026 - 59,932 Collective Investment Fund - - - - - 40,962 Cash - - - - - 2,130 Employee Contributions Receivable - - - - - 652 Employer Contributions Receivable - - - - - 251 Participant Loans Receivable, at Fair Value - - - - 2,996 2,996 ----------------------------------------------------------------------- Net Assets Available for Plan Benefits $12 $165 $- $1,026 $2,996 $149,348 =======================================================================
See accompanying notes to financial statements. -3- 7 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) DECEMBER 31, 1994
Guaranteed Nashua Investment Common Equity- Growth Asset Contract Stock Puritan Magellan Income Company Manager Fund Fund Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- ---- ---- Assets: Guaranteed Investment Contracts, at Contract Value $63,147 $ - $ - $ - $ - $ - $- Investments at Fair Value: Nashua Common Stock Fund - 13,010 - - - - - Mutual Funds - - 7,145 21,650 2,653 9,670 2 Employee Contributions Receivable 1,121 146 254 921 162 106 - Employer Contributions Receivable 291 402 33 198 74 33 - Participant Loans Receivable, at Fair Value - - - - - - - ------------------------------------------------------------------------------------ Net Assets Available for Plan Benefits $64,559 $13,558 $7,432 $22,769 $2,889 $9,809 $2 ====================================================================================
Pacific Intermediate Gov't Money Europe Basin Bond Market Loan Fund Fund Fund Fund Fund Total ---- ---- ---- ---- ---- ----- Assets: Guaranteed Investment Contracts, at Contract Value $ - $- $- $ - $ - $ 63,147 Investments at Fair Value: Nashua Common Stock Fund - - - - - 13,010 Mutual Funds 7 - 2 617 - 41,746 Employee Contributions Receivable 12 - - 111 - 2,833 Employer Contributions Receivable 5 - - 53 - 1,089 Participant Loans Receivable, at Fair Value - - - - 3,000 3,000 -------------------------------------------------------------------------- Net Assets Available for Plan Benefits $24 $- $2 $781 $3,000 $124,825 ==========================================================================
See accompanying notes to financial statements. -4- 8 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) YEAR ENDED DECEMBER 31, 1995 Guaranteed Nashua Investment Common Equity- Growth Asset Contract Stock Puritan Magellan Income Company Manager Fund Fund Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- ---- ---- Sources of Net Assets: Employee Contributions $ 8,225 $ 926 $ 2,029 $ 6,661 $1,784 $ 534 $ - Employer Contributions 2,332 2,292 336 1,719 846 122 - Investment Income 3,543 - 575 1,817 304 630 - Net Appreciation of Investments - - 1,257 7,202 823 3,214 - Loan Repayments - - - 4 - - - Loan Interest 16 - 4 - - - - ---------------------------------------------------------------------------------------- 14,116 3,218 4,201 17,403 3,757 4,500 - ---------------------------------------------------------------------------------------- Applications of Net Assets: Plan Withdrawals 1,476 1,809 - 11,609 2,513 427 - Net Depreciation of Investments 208 4,631 - - - - - Loan Withdrawals - - - - - - - Administative Expenses 237 9 37 100 3 3 2 ------------------------------------------------------------------------------------- 1,921 6,449 37 11,709 2,516 430 2 ------------------------------------------------------------------------------------- Increase (Decrease) in Net Assets During the Year 12,195 (3,231) 4,164 5,694 1,241 4,070 (2) Net Transfers Between Funds - (1,159) - 1,159 - - - Net Assets Available for Plan Benefits: Beginning of Year 64,559 13,558 7,432 22,769 2,889 9,809 2 ------------------------------------------------------------------------------------- End of Year $76,754 $ 9,168 $11,596 $29,622 $4,130 $13,879 $ - =====================================================================================
Pacific Intermediate Gov't Money Europe Basin Bond Market Loan Fund Fund Fund Fund Fund Total ---- ---- ---- ---- ---- ----- Sources of Net Assets: Employee Contributions $ 72 $164 $ - $ 327 $ - $ 20,722 Employer Contributions 32 - - 153 - 7,832 Investment Income - - - 55 - 6,924 Net Appreciation of Investments 10 1 - - - 12,507 Loan Repayments - - - - (4) - Loan Interest - - - - - 20 ---------------------------------------------------------------------------- 114 165 - 535 (4) 48,005 ---------------------------------------------------------------------------- Applications of Net Assets: Plan Withdrawals 118 - - 279 - 18,231 Net Depreciation of Investments - - - - - 4,839 Loan Withdrawals - - - - - - Administative Expenses - - 2 11 - 412 ---------------------------------------------------------------------------- 126 - 2 290 - 23,482 ---------------------------------------------------------------------------- Increase (Decrease) in Net Assets During the Year (12) 165 (2) 245 (4) 24,523 Net Transfers Between Funds - - - - - - Net Assets Available for Plan Benefits: Beginning of Year 24 - 2 781 3,000 124,825 ---------------------------------------------------------------------------- End of Year $ 12 $165 $ - $1,026 $2,996 $149,348 ============================================================================
See accompanying notes to financial statements. -5- 9 NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (WITH FUND INFORMATION) YEAR ENDED DECEMBER 31, 1994
Guaranteed Nashua Investment Common Equity- Growth Asset Contract Stock Puritan Magellan Income Company Manager Fund Fund Fund Fund Fund Fund Fund ---- ---- ---- ---- ---- ---- ---- Sources of Net Assets: Employee Contributions $ 70,245 $ 2,155 $10,891 $ 28,540 $11,627 $10,153 $654 Employer Contributions 7,412 29,392 3,417 6,402 2,380 1,900 96 Investment Income 24,584 - 3,552 6,374 3,558 501 5 Net Appreciation of Investments - 13,017 - - - - 10 Loan Repayments 6,836 43 1,002 3,348 1,427 265 - Loan Interest 1,851 12 210 937 623 52 - ---------------------------------------------------------------------------------- 110,928 44,619 19,072 45,601 19,615 12,871 765 ---------------------------------------------------------------------------------- Applications of Net Assets: Plan Withdrawals 14,069 5,184 417 4,470 4,949 2,748 210 Net Depreciation of Investments - - 854 4,504 127 688 - Loan Withdrawals 52,709 394 14,445 16,786 11,516 1,276 - Administative Expenses 474 442 89 162 88 23 - Plan Transfer (Note 6) 513,776 235,297 47,949 142,891 74,228 34,827 553 ---------------------------------------------------------------------------------- 581,028 241,317 63,754 168,813 90,908 39,562 763 ---------------------------------------------------------------------------------- Increase (Decrease) in Net Assets During the Year (470,100) (196,698) (44,682) (123,212) (71,293) (26,691) 2 Net Transfers Between Funds - (2,453) (487) 6,464 (485) (231) - Net Assets Available for Plan Benefits: Beginning of Year 534,659 212,709 52,601 139,517 74,667 36,731 - ---------------------------------------------------------------------------------- End of Year $ 64,559 $ 13,558 $ 7,432 $ 22,769 $ 2,889 $ 9,809 $ 2 ==================================================================================
Gov't Pacific Intermediate Money Europe Basin Bond Market Loan Fund Fund Fund Fund Fund Total ---- ---- ---- ---- ---- ----- Sources of Net Assets: Employee Contributions $ 538 $ 901 $173 $ 8,414 $ - $ 144,291 Employer Contributions 145 183 36 1,380 - 52,743 Investment Income - - 3 445 - 39,022 Net Appreciation of Investments 80 461 - - 13,568 Loan Repayments - - - 245 (13,166) - Loan Interest - - - 43 - 3,728 --------------------------------------------------------------------- 763 1,545 212 10,527 (13,166) 253,352 --------------------------------------------------------------------- Applications of Net Assets: Plan Withdrawals 173 - 208 2,286 - 34,714 Net Depreciation of Investments - - 2 - - 6,175 Loan Withdrawals - - - 1,874 (99,000) - Administative Expenses - - - 15 - 1,293 Plant Transfer (Note 6) 1,336 8,156 - 22,205 133,182 1,214,400 --------------------------------------------------------------------- 1,509 8,156 210 26,380 34,182 1,256,582 --------------------------------------------------------------------- Increase (Decrease) in Net Assets During the Year (746) (6,611) 2 (15,853) (47,348) (1,003,230) Net Transfers Between Funds - (123) - (2,685) - - Net Assets Available for Plan Benefits: Beginning of Year 770 6,734 - 19,319 50,348 1,128,055 --------------------------------------------------------------------- End of Year $ 24 $ - $ 2 $ 781 $ 3,000 $ 124,825 =====================================================================
See accompanying notes to financial statements. -6- 10 NASHUA CORPORATION ------------------ SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES ------------------------------------------- NOTES TO FINANCIAL STATEMENTS ----------------------------- NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - --------------------------------------------------- Basis of Accounting - ------------------- The financial statements of the Nashua Corporation Savings Plan for Specified Hourly Employees ("the Plan") are presented on the accrual basis of accounting. Plan Establishment - ------------------ The Plan was established January 1, 1992 for hourly employees at Nashua Corporation's Santa Clara facility. Subsequently, the hourly employees of Nashua Corporation's Exeter facility were eligible to participate in the Plan. On May 25, 1994 Nashua Corporation's Santa Clara facility was sold and the Plan transferred $1,214,400 to a plan established by the buyer. Asset Maintenance - ----------------- Fidelity Management Trust Company is the Plan trustee ("the Trustee"). Assets of the Plan are invested, at the election of the participants, in up to twelve Fidelity Investments' mutual funds (Fidelity Magellan Fund, Fidelity Puritan Fund, Fidelity Equity-Income Fund, Fidelity Growth Company Fund, Fidelity Pacific Basin Fund, Fidelity Europe Fund, Fidelity Asset Manager Fund, Fidelity Intermediate Bond Fund, Fidelity Contrafund, Fidelity Small Cap Stock Fund, Fidelity U.S. Equity Index Portfolio, or Fidelity Retirement Government Money Market Fund), a Guaranteed Investment Contract Fund managed by the Trustee or the Nashua Common Stock Fund. The Fidelity Small Cap Stock Fund, Fidelity Contrafund and Fidelity U.S. Equity Index Fund were new investment options in 1995. The Plan's assets are commingled with assets of the Nashua Corporation Employees' Savings Plan in a participant-directed master trust arrangement. The Plan's participation in the net assets of the master trust is recorded based on individual plan participants' account balances. Investment income and expenses for each investment option are allocated to the individual participant account balances based on the prorata beginning account balances less withdrawals and loans made to participants. Investment Valuation - -------------------- Common shares of Nashua Corporation ("the Company") held in the Plan are valued at closing sales prices supplied by a pricing service. The Plan's guaranteed investment contracts are valued at contract value which approximates fair value. Contract value represents contributions made under the contracts, plus interest earned, less funds used to pay withdrawals and expenses. The Plan's mutual fund and collective investment fund accounts are valued at the respective funds' closing net asset values. Investment transactions are recorded on the trade date. Participant loans are valued at cost plus accrued interest which approximates fair value. Cost is determined on an average cost basis. Investment Income - ----------------- Income from investments is recorded as earned on an accrual basis. -7- 11 Contributions - ------------- The Plan has certain established criteria for eligibility. All contributions are immediately 100% vested. 401(k) Plan contributions - Employees may make a basic contribution of up to 15% of their earnings to the Plan. The Company contributes an amount equal to 50% of up to 6% of the employees' contributed earnings. Employees can direct their contributions and the Company matching contributions into any of the investment funds available for their contribution. Employee's contributions into the Nashua Common Stock Fund are limited to 25% of their account balance. Withdrawals and Loans - --------------------- Plan participants may withdraw part or all of their account balances subject to certain restrictions stipulated by current Internal Revenue Service regulations. The Plan also provides for optional forms of withdrawal at the time of retirement. Plan participants may borrow against individual Plan balances subject to Plan and current Internal Revenue Service regulations. Interest on the loans is payable at 2% above the prime rate. Loans are payable within 5 years from the date of withdrawal unless the amount was withdrawn to purchase a primary residence, in which case the term of the loan is 20 years. At December 31, 1995 and 1994, there was one loan outstanding totalling $2,996 and $3,000, respectively. Expenses - -------- Trustee administrative fees, audit and other expenses are paid directly by the Company and, accordingly, such items are not reflected in the financial statements of the Plan. Fees for participant loans are paid by the Plan and are reflected in the accompanying financial statements as administrative expenses. Use of Estimates - ---------------- The preparation of financial statements in accordance with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimated. Federal Income Tax Status - ------------------------- The Company was advised by the U.S. Treasury Department on November 17, 1993 that the Plan is qualified under Section 401 of the Internal Revenue Code ("the Code") and is exempt from federal income taxes. The Plan has since been amended, however, a new letter has not yet been requested. Management believes that the Plan, as amended, and its operations have been and continue to be in accordance with all applicable provisions of the Code and the Employee Retirement Income Security Act of 1974 ("ERISA"). NOTE 2 - GENERAL DESCRIPTION OF THE PLAN - ---------------------------------------- The following brief description of the Plan is provided for general information purposes only. Participants should refer to the Plan agreement for more complete information. 1. GENERAL - The Plan is a defined contribution plan covering all eligible employees. It is subject to the provisions of ERISA. 2. TERMINATION - The Plan is administered by the Nashua Pension Committee, which is composed of officers of the Company. The Company anticipates and believes that the Plan will continue without interruption, but reserves the right to discontinue the Plan. In the event that such discontinuance results in the termination of the Plan, the Plan provides that net assets shall be allocated among the participants. -8- 12 NOTE 3 - INVESTMENTS - -------------------- The Plan's investments, excluding the Guaranteed Investment Contract Fund, are summarized as follows:
December 31, ------------------------ 1995 1994 ---- ---- Nashua Common Stock Fund $ 9,168 $13,010 Fidelity Puritan Fund 11,505 7,145 Fidelity Magellan Fund 29,307 21,650 Fidelity Equity Income Fund 4,057 2,653 Fidelity Growth Company Fund 13,860 9,670 Fidelity Asset Manager Fund -- 2 Fidelity Europe Fund 12 7 Fidelity Pacific Basin Fund 165 -- Fidelity Intermediate Bond Fund -- 2 Fidelity Retirement Government Money Market Fund 1,026 617 ------- ------- $69,100 $54,756 ======= =======
NOTE 4 - GUARANTEED INVESTMENT CONTRACT FUND - -------------------------------------------- The Plan's investment in the Guaranteed Investment Contract Fund consists of the following:
December 31, 1995 1994 ------ ------- Pacific Mutual Life Insurance Company 5.3% Due 3/30/99 - 6/30/99 $ 3,809 $ 6,023 State Mutual Life Assurance 5.48% Due 1/1/98 - 1/3/99 3,769 6,326 Life of Virginia 8.32% Due 3/31/97 4,031 16,897 Aetna Life Insurance Company 6.78% Due 6/30/95 -- 2,987 Lincoln National Life Insurance Company 6.28% Due 12/31/96 5,860 6,773 Provident Life & Accident Insurance Company 6.14% Due 1/29/99 -- 6,811 People's Security Life 5.52% Due 2/28/00 5,862 6,324 People's Security Life 5.41% Due 2/28/00 2,114 2,108 Confederation Life Insurance Company 8.77% Due 1/3/95 7,812 7,812 Fidelity Institutional Money Market Fund -- 1,086 Fidelity Managed Income Portfolio II 40,962 -- Cash 2,130 -- ------- ------- $76,349 $63,147 ======= =======
The issuing institution's ability to meet its contractual obligations under the respective contracts may be affected by future economic and regulatory developments in the insurance industry. On August 12, 1994 Canadian regulators seized control of Confederation Life Insurance Company. As a result, the Plan's investment in that carrier's contract has been frozen until regulators finalize a rehabilitation plan. Interest accrual ceased on August 12, 1994. While the rehabilitation proceedings are still pending, realization of the Plan's investment in the contract and the collectibility of interest thereon cannot be presently determined. Accordingly, no provision for any loss that may result upon final resolution of these matters has been made in the accompanying financial statements. -9- 13 NOTE 5 - SAVINGS PLANS MASTER TRUST - ----------------------------------- The assets of the Plan have been commingled with assets of another Company savings plan in the Nashua Corporation Savings Plans Master Trust ("the Master Trust"). The Plan administrator adjusted the financial data as confirmed on a cash basis by the Trustee to the accrual basis on which the information shown below is prepared. The effect of converting to the accrual basis was to record accrued employer and employee contributions receivable. The Plan owned approximately 0.2% of the Master Trust as of December 31, 1995 and 1994.
December 31, --------------------------- 1995 1994 ---- ---- Statement of Net Assets Available for Plan Benefits: Guaranteed Investment Contracts, at Contract Value $ 9,368,121 $21,533,934 Nashua Common Stock Fund, at Fair Value 3,995,146 5,499,016 Mutual Funds, at Fair Value 33,446,659 22,912,974 Collective Investment Fund, at Fair Value 10,229,676 - Cash 531,900 - Employee Contributions Receivable 312,251 383,267 Employer Contributions Receivable 110,343 135,626 Participant Loans Receivable, at Fair Value 2,608,847 2,173,276 ----------- ----------- Net Assets Available for Plan Benefits $60,602,943 $52,638,093 =========== =========== Year Ended December 31, ---------------------------- 1995 1994 ---- ---- Statement of Changes in Net Assets Available for Plan Benefits: Sources of Net Assets: Employee Contributions $ 4,406,498 $ 5,271,617 Employer Contributions 1,520,574 1,797,983 Investment Income 2,762,262 2,608,247 Net Appreciation of Investments 5,328,978 25,762 Loan Interest 176,825 145,301 ----------- ----------- 14,195,137 9,848,910 ----------- ----------- Applications of Net Assets: Plan Withdrawals 4,355,061 5,037,619 Net Depreciation of Investment 1,845,582 2,979,570 Administrative Expenses 29,644 17,134 Plan Transfer -- 3,233,311 ----------- ----------- 6,230,287 11,267,634 ----------- ----------- Increase (Decrease) in Net Assets During the Year $ 7,964,850 $(1,418,724) =========== ============
The Master Trust purchased 36,300 and 55,800 common shares of Nashua Corporation at a total cost of $617,519 and $1,414,510 during 1995 and 1994, respectively. The Master Trust received $222,104 and $1,483,342 from the sale of 13,200 and 53,762 common shares of Nashua Corporation during 1995 and 1994, respectively. -10- 14 NOTE 6 - PLAN TRANSFER - ---------------------- On May 25, 1994 the Company's Santa Clara facility was sold. The participants of the Plan who were employees of the Santa Clara facility were transferred into a plan established by the buyer. The transfer occurred during the third quarter of 1994 and resulted in a Plan transfer of $1,214,400. NOTE 7 - IMPLEMENTATION OF STATEMENT OF POSITION 94-4 - ----------------------------------------------------- In September 1994, the American Institute of Certified Public Accountants ("AICPA") issued Statement of Position 94-4 "Reporting of Investment Contracts Held by Health and Welfare Benefit Plans and Defined Contribution Pension Plans" (the "SOP") which amends the AICPA Audit and Accounting Guide - Audits of Employee Benefit Plans. The SOP is effective for financial statements for years beginning after December 15, 1994, except that the application of the SOP to investment contracts entered into before December 31, 1993, is delayed to years beginning after December 15, 1995. The SOP will be implemented during the year ended December 31, 1996 for the Plan. The SOP requires defined contribution plans to report investment contracts with fully benefit-responsive features, as defined in the SOP, at contract value and other investment contracts at fair value. Management does not believe the implementation of the SOP will have a material effect on the financial statements. -11- 15 CONSENT OF INDEPENDENT ACCOUNTANTS We hereby consent to the incorporation by reference in the Registration Statement on Form S-8 of Nashua Corporation of our report dated June 25, 1996 relating to the financial statements of the Nashua Corporation Employees' Savings Plan for the year ended December 31, 1995 included with this Form 11-K. We also consent to the incorporation by reference in the Registration Statement on Form S-8 of Nashua Corporation of our report dated June 25, 1996 relating to the financial statements of the Nashua Corporation Employees' Savings Plan for Specified Hourly Employees for the year ended December 31, 1995 included with this Form 11-K. /s/ Price Waterhouse LLP - ------------------------ PRICE WATERHOUSE LLP Boston, Massachusetts June 27, 1996 16 SIGNATURE NASHUA CORPORATION SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES. Pursuant to the requirements of the Securities Act of 1934, the Plan Committee has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized. NASHUA CORPORATIONS SAVINGS PLAN FOR SPECIFIED HOURLY EMPLOYEES Date: June 28, 1996 By: /s/ Paul Buffum ------------------------------------ Paul Buffum Nashua Corporation Savings Plan for Specified Hourly Employees Committee -----END PRIVACY-ENHANCED MESSAGE-----